Union Bank certified as first private bank on CEFTS

Thursday, 9 April 2015 02:30 - - {{hitsCtrl.values.hits}}

Union Bank Vice President Information Technology Rajeev Munasinghe Union Bank (UBC) is the first private bank to be certified to the Common Electronic Fund Transfer Switch (CEFTS) creating greater banking convenience. As a bank synonymous for technology firsts in the banking industry in Sri Lanka, this move supports the bank’s real-time payment revolution. Union Bank Vice President Information Technology Rajeev Munasinghe stated, “The system enables faster and reliable real-time payment and enhances the customer payment process, creating an efficient payment gateway with limitless possibilities that engages ultimate banking convenience. CEFTS provides for real time and secure retail inter-bank electronic fund transfers. The seamless electronic payment system is used in settlement of bills and utility payments. It is a system where customers will be able to conduct highly secured real time fund transfers between banks at any given time from the comfort of their home or from the nearest ATM. This initiative will be of significant value for Union Bank and leverages on the shared infrastructure to support in the innovation and introduction of new products and services. Union Bank has continued to use its IT interventions to grow its business more emphatically and this initiative adds value to the bank’s premise to deliver unparalleled service and convenience to its customers. The CEFTS is supported by LankaClear and is an integrated payment system implemented under its Common Card and Payment Switch (CCAPS) supporting multiple domestic payment networks such as the Common ATM Switch (CAS).